English High Court Accepts Classification of Refund Guarantee Obligation as Innominate Term in Shipbuilding Dispute

The English High Court recently confirmed in SLB and others v PAK and others [2026]1 that the obligation to provide refund guarantees in shipbuilding contracts within a specified timeframe constitutes an innominate term, not a condition. As a result, under the terms of the shipbuilding contracts, the buyers were entitled to terminate the contracts but not to loss of bargain damages.... By: Haynes Boone